The Central Bank of Nigeria (CBN) has commenced the sale of Treasury Bills (TBs) to raise N1.76 trillion in the third quarter of 2025, as part of the Federal Government’s borrowing strategy for the 2025 national budget. This figure marks a 12.8 percent increase compared to the N1.56 trillion raised during the same period in 2024.
The apex bank disclosed this in its Nigeria Treasury Bills Issue Programme for Q3 2025. Treasury Bills, which are short-term debt instruments with a maturity of less than one year, are used by the CBN to borrow on behalf of the federal government and also to manage liquidity in the economy.
The issuance programme, which began on July 2 and will run until September 24, outlines plans to raise N340 billion through 91-day bills, N230 billion via 182-day bills, and N1.19 trillion through 364-day bills. The settlement dates began on July 3 and will conclude on September 25.
According to the breakdown, the CBN plans to sell N540 billion worth of TBs in July, followed by N450 billion in August and N770 billion in September. Each month’s offerings include various combinations of the three tenors, with the majority of the funds targeted through the 364-day instruments.
